The GIC-backed fund acquired a facility from Hyundai for $130M
Singapore’s sovereign wealth fund is investing in Korean warehouses, Yanlord Land partners with Ping An for a RMB 4 billion project in Suzhou and a transplanted Chinese developer takes aim at another central Sydney site. Read on for all these stories and more in today’s real estate headlines across the region.
Singapore’s GIC Invests in Korean Logistics Fund
Singapore’s sovereign wealth fund GIC has stepped up its exposure in South Korea’s logistics sector by investing in a fund managed by ADF Asset Management.
The vehicle has acquired the newly built Hyundai Logistics Distribution Centre.
The asset, built at a cost of KRW155.9bn (€117m), was purchased from developer, LogisKoel. The real estate fund is managed by ADF Asset Management, which specialises in South Korea’s logistics sector. Read more>>
Yanlord Joins Ping An in Suzhou Residential Deal
Developer Yanlord Land Group is acquiring a 30% stake in the project company which holds an 3.2 million sf prime residential site in Suzhou city’s Gusu district, which was acquired through a public land auction for RMB4 billion ($806 million).
Situated within Suzhou’s city’s administrative district, the site enjoys excellent connectivity via key thoroughfares and is adjacent to stations of the city’s metro line route 2 and route 5 which is currently under construction. Read more>>
China’s Aqualand Targets A$140M Sydney Site
Chinese-backed Aqualand has again emerged as a potential buyer of a high-profile Sydney apartment site, with the Samsung Building in Milsons Point, which is controlled by Greg Shand’s private Barana Group and on the block for about $140 million, in its sights.
The group is launching new projects despite warnings about a slowdown in the Sydney apartment market and it may use the lull in the market to bolster its $1 billion-plus pipeline. Read more>>
Henan Govt Goes American Standard for Water Headquarters
The latest addition to China’s growing collection of eccentric buildings is a 12-storey structure in the Henan province that appears to look like a giant toilet.
Complete with a bowl, seat cover, and even a blue-coloured patch on its roof for the water, the office building for the North China of Water Conservancy and Electric Power company is said to be more likely an oversight rather than subtle homage to the industry. Read more>>
Shanghai Office Market Cools Down in Q2
Shanghai’s Grade A office rents climbed more slowly on both sides of the Huangpu River in the second quarter of this year, and the city is set to see vacancy rates rise amid an abundance of new supply in the second half, major global property consultants said in their latest reports.
Grade A office rents edged up 0.6 percent from the first quarter to 9.90 yuan (US$1.48) per square meter per day in Puxi between April and June, the slowest pace recorded in the past six quarters, according to JLL’s quarterly market report. Read more>>
Shanghai Luxury Home Sales Reach New Record in 1H
Shanghai saw record sales of luxury homes in the first half of this year amid robust sentiment despite several measures by the government to cool the overheated market, latest market data suggested.
From January to June, 5,041 units of new homes costing 10 million yuan (US$1.5 million) and above each were sold in the city, or more than 60 percent of the total volume transacted last year, Shanghai Homelink Real Estate Agency Co said in a report released yesterday. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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